In the first six months of 2025, AS CleanR Grupa (hereinafter also referred to as the ‘Group’), which comprises Latvia’s leading environmental services companies, continued its strategic development and growth, both increasing financial results and expanding operations in Latvia's regions, informs Juris Gulbis, Chairman of the Management Board of the Group. The Group has strengthened its position in the environmental management and urban maintenance sector, invested in the modernization of infrastructure and equipment, and implemented several environmental education initiatives in the field of circular economy.
Turnover in the first half of 2025 increased by 12.9 million euros, or 23%, compared to the first half of 2024, reaching 68.6 million euros. EBITDA increased by 4.2 million euros, reaching 16.3 million euros. compared to the same period in 2024, when the indicator reached 12.1 million euros, confirming that the Group's companies continue to expand their operations while maintaining profitability. Investments during the reporting period totaled EUR 8 million, representing a 52% increase compared to the corresponding period of the previous year.
"The first half of 2025 clearly shows that our strategy to strengthen market positions and expand regionally is delivering sustainable results. Both strong turnover growth and improved profitability confirm that we are on the right track. Our focus remains on creating long-term value by investing in innovation, expanding services, and supporting our employees, partners, and customers," commented Juris Gulbis, Group Chairman of the Management Board.
Expansion of functions and operations in the regions of Latvia
By winning the tender organized by the Ogre municipality, since February 2025, one of the Group's leading companies, the waste management company CleanR, has been taking care of household waste management in the rural territories of Ikšķile and Tīnuži, while as of June, following another won tender, CleanR has taken on servicing jointly both towns of Ķekava and Baldone. Under the terms of the contract, CleanR will provide waste management services in these territories for the next seven years.
During the reporting period, CleanR acquired 41.25% of the capital shares of SIA Ķilupe to diversify its services and expand its environmental management offer in the regions. The regional waste management company operates in the municipalities of Ogre and Aizkraukle, as well as in the Rīga and Pierīga regions, specializing in various services, including municipal waste management and handling, as well as sorting of construction waste.
The Group’s extended responsibility system provider Zaļā josta introduced a new service in the first half of 2025 – management of the waste items containing plastic. Additionally, by addressing current trends in the electricity production and storage market, as well as handling solar panels, the company offers power bank management. As of 2025, Zaļā josta has fully developed and introduced a new, modern data accounting system as well as a customer reporting platform, which improves the precision and completeness of the gathered data.
To continue pursuing the strategic goal of reducing land-filled waste, the group company CleanR Industry, which specializes in waste recycling, has considerably grown its RDF (refuse-derived fuel) output, thus strengthening its leading position in this segment. Additionally, the volumes of recycled plastic waste have increased substantially, with the output of recycled plastic pellets growing by 43% year-over-year.
The Group's investments in further development
“In the first half of 2025, we have made investments in the renewal of the vehicle fleet – both in the waste management and street and road maintenance segments – and we also continued to invest in waste container infrastructure, making investments in the renewal of surface containers, the construction of underground container areas, as well as in textile container infrastructure. We have also continued to invest in the acquisition of specialized equipment units to increase the efficiency of our operations,” says Juris Gulbis.
In the first half of 2025, the Group's companies continued their development by investing in the development of waste sorting infrastructure. In March, CleanR opened the most modern waste sorting facility in the Baltics. It is the first waste sorting site in Rīga to be so well-equipped and automated. At the same time, the Group company Vides pakalpojumu grupa opened a new sorted waste collection site in Liepāja.
As part of the infrastructural improvements, CleanR expanded its underground waste container network, which considerably enhances urban aesthetics and reduces vehicle-caused emissions. Currently, 87 sites, comprising 336 underground waste containers, have been constructed.
Healthcare and hazardous waste management company Lautus has implemented significant technical and procedural improvements in the medical waste management segment, enabling the company to meet its customers’ demands more effectively. The company’s professional capabilities have been recognized by awarded public procurements, which, from now on, include servicing the Emergency Medical Service and Riga 1st Hospital.
CleanR Verso, the Group’s industrial and construction and demolition waste management company, has updated its vehicle fleet by purchasing several specialized vehicles to transport construction and demolition waste containers, thereby increasing the operational efficiency of the building refuse sorting and recycling center.
In the commercial cleaning segment, the Group’s company Vizii continued to pursue innovation by increasing its number of cleaning robots to 70 units. These units ensure high cleaning and hygiene standards by adapting to the specific needs of various sites and enhancing service quality.
At the same time, CleanR Grupa continued promoting environmental education and a circular lifestyle in society by setting up ŠŪNA, an environmental education concept space, in Cēsis – Latvia’s capital of culture – from May to the end of July. Additionally, to raise awareness of a sustainable lifestyle and proper waste sorting, CleanR, in collaboration with Zaļā josta, created the digital environmental education platform videspratiba.lv.
Strengthening the Group's position in the field of urban servicing
The acquisition of Tranzīts L, initiated last year, was completed in the summer, with the Group’s urban servicing company Vizii Urban acquiring a majority interest in the firm. These investments aim to foster Vizii Urban’s growth in Latvia’s municipalities and ensure the transfer of urban maintenance expertise, thereby increasing the quality of services.
Vizii Urban also invested in vehicle fleet updates, expanding its technical capabilities to include 13 new specialized trucks as well as three EURO VI specialized vehicles equipped with machinery for winter works and vacuum pumps for street cleaning in the summer. Additionally, during the reporting period, the company secured a contract for cleaning the beaches of Jūrmala and Rīga's swimming areas, encompassing daily coastal cleaning work from spring to autumn.
In the field of urban services, KOM-AUTO, Vizii Urban’s subsidiary, continued strengthening its position by winning several procurements in the first half of the year for road maintenance in the spring-summer season, ensuring dust removal in Valmiera, Rēzekne, and Burtnieki municipality, as well as in the territories of the Līgatne and Amata in Cēsis municipality, including gravel road works in the territory of Līgatne in Cēsis municipality.
Increase in the Group’s share capital and assessment of investor relations
In May, CleanR Grupa increased its share capital by issuing new shares to participants in the company’s employee stock option plan, thereby expanding the Group’s shareholder base to include senior executives enrolled in the personnel option scheme established the previous year.
In February 2025, CleanR Grupa won the Best Investor Relations award of the Nasdaq Baltic Awards 2025 in the First North bond market.
The company’s management will provide detailed information about the Group’s financial results, as well as progress in implementing strategic goals, during an online webinar on September 3, 2025. Interested parties are invited to register for the webinar here: https://nasdaq.zoom.us/webinar/register/WN_4Npw0McFTturgaY89gp2vA.
About CleanR Grupa:
AS CleanR Grupa operates the leading companies in the environmental services sector in Latvia. CleanR Grupa includes SIA CleanR, a municipal waste management company, SIA CleanR Verso, an industrial and construction and demolition waste management company, CleanR Industry, a waste recycling company, SIA Zaļā josta, an extended producer responsibility system provider, SIA Vizii, a cleaning company, and SIA Vizii Urban, an urban services business.
The group companies serve half a million Latvian people daily. The Group offers highly digitized environmental services, provides high-quality customer care, and demonstrates leadership in the pursuit of sustainability and circularity. AS CleanR Grupa is a 100% Latvian capital company, with Guntars Kokorevičs as its Founder and Chairman of the Council.